Binance's Euro Banking Partner to Halt Support of the Crypto Exchange in September

The exchange recently announced retreats from the U.K., Netherlands and Cyprus.

AccessTimeIconJun 28, 2023 at 11:46 p.m. UTC
Updated Jun 29, 2023 at 6:05 p.m. UTC

Binance’s euros banking partner, Paysafe Payment Solutions, will stop supporting the crypto exchange after Sept. 25.

“Binance will be changing the provider for EUR deposits and withdrawals via Bank Transfer (SEPA). Our current partner, Paysafe, will no longer be providing these services to Binance users from 25th September 2023,” a spokesperson for the exchange told CoinDesk in an email.

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  • “At that time, our users will need to update the banking details used to deposit to their Binance accounts and may be required to accept new terms and conditions to continue using SEPA services after this date.”

    SEPA, short for Single Euro Payments Area, is the European Union’s integrated, cross-border payment network for euro transactions.

    Binance notification to users (Binance)
    Binance notification to users (Binance)

    "Following a strategic review, we have taken the decision to cease offering our embedded wallet solution to Binance across the region," Paysafe said in an email. "We are already in the process of withdrawing the service in the UK."

    The development comes as Binance, the world’s largest crypto exchange by trading volume, has faced backlash from financial regulators in Europe and the U.S.

    Earlier this month, the U.S. Securities and Exchange Commission (SEC) sued Binance, Binance.US and CEO Changpeng “CZ” Zhao for violating multiple federal securities laws, including allegations of offering unregistered securities and commingling customer funds.

    Since then, the exchange has announced a retreat from the Netherlands and Cyprus, requested to cancel permissions in the U.K., while Belgium’s market watchdog ordered it to stop offering crypto services in the country.

    In February 2022, U.K’s financial regulator expressed concern over Binance gaining access to the country's primary payments network after the exchange secured the Paysafe deal, the Financial Times reported.

    UPDATE (June 29, 7:57 UTC): Adds comment from Paysafe in fifth paragraph.

    Edited by James Rubin.

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    Krisztian  Sandor

    Krisztian Sandor is a reporter on the U.S. markets team focusing on stablecoins and institutional investment. He holds BTC and ETH.